Billionaire Berkshire Hathaway (BRK.A - Get Report) (BRK.B - Get Report) CEO Warren Buffett said there could be hundreds of billions of dollars waiting in the balance as lawmakers work to achieve a tax cut, the legendary investor said on CNBC Tuesday, Oct. 3.

"It's very, very seldom in my 87 years that it's ever been a factor," Buffett said. But the tax code is currently a factor Buffett's considering in buying and selling. He said if he has to pay a 35% tax rate for a deal now but could pay 25% in a few months, he's holding off. That could mean huge amounts of investment in limbo until a decision is made on the tax rate.

"Within three months - actually less than that - well know the answer," Buffett said on the likelihood of tax reform happening before the end of the year. "I personally think [the chances of a tax cut] are higher than most people do," Buffett said.

Since tax reform is essentially the last of the GOP's three major banner issues, they're working hard to win on taxes to avoid a "shut out," Buffett said. "Any politician that can't pass a tax cut is probably in the wrong line of business," Buffett added.

What could Warren Buffett buy with his billions?

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